Just curious, since we do not have to worry about fuel proofing there shouldn't be any reason not to use latex paint.  Home Depot sells small containers of paint that will easily thin down by an equal part water.  They also offer an infinite number of colors, what I don't know is it available in high gloss.  Also is it available in outdoor versions (UV stable).  It may not be important for UV protection since the plane will spend most of the time indoors.  Anyway as long as we are flying electric, it makes sense to me to investigate all the other choices in paint.
Andy

I had a couple of planes that Mr Meriwether painted  with house paint.  Don't know if it was latex or not.   

It works on scale electric - don't know if it adds weight.  My LA-5 done in latex

My Galloping Comedian done in exterior latex

I have one electric model with latex house paint, and three glow powered with latex house paint.

The only real difference is that the glow powered models need a clear coat that is fuel proof and the electric powered models will need a clear coat to make the finish look correct but does not need to be fuel proof.

I fiberglass the models, then prime them with spray can primer from lowes, spray on the flat latex house paint (compressor and air gun), clear coat, then the decals and then another coat of clear. For the glow powered models I used nelson clear with cross linker. for the electric models use the same clear but skip the cross linker. Decals do not stick well to flat latex house paint, that is the reason for the first coat of clear, then decals.

the picture below the spitfire and hellcat are both painted with flat latex house paint, then nelson clear coat (gloss). I haven't painted a model with dope for over 10 years and now only use the latex house paint. Radio control scale started using latex house paint a long time ago. The Corsair is covered with monokote.

the paint is really easy to clean up with water and lots cheaper than the model paints I use to buy.

Fred C.

I used interior latex on a strega to get the custom colors I wanted. It was fuel proofed with lustercote gloss clear. I did use gloss latex as well. One issue. It does not sand at all! Dry sanding it gunks paper so fast you will not believe it, wetsanding it dissolves and goes away. The rc scale guys use it for the flats. Key is plan on using the result you get when you shoot cause you cannot do much with it other than shoot clear on it. It dries pretty quickly... can be quickened with a heat gun or hair dryer.  Works best when the flowable additive is used (flowtrol I think? See the rc threads on using it). Colors can be mixed in anything you want. It gets heavy fast so be careful there.

bob branch.

This is really cool, I now am convinced that using Latex paint is a good idea.  I was at Lowes and purchased a small sample container of their interior flat for the undercoat, I thing I will red and black for the finish.  I am guessing I will need to thin the paint down to about the consistency of milk and give it a test try with my new spray setup. 

Again thanks everybody for your help.
Andy

I thin my paint with water, there comes a point where the paint is too runny, but it can be also too thick. Try a sample piece to figure out the right amount of thinner. Also need to work with the air gun needle setting and the pressure. Make sure you have a pressure regulator at the air gun and not at the tank. You want a consistent pressure at the air gun. I read his original article in one of the magazines, followed his steps and it's worked just great.

http://www.vaillyaviation.com/Intro.html

Fred